By Dean Seal
Shares of Evolent Health fell after the company said it would offer $350 million in convertible notes.
The stock retreated 15% to $25.08 in early trading. Shares are down 11% year-to-date.
The healthcare company said Tuesday morning that it plans to offer $350 million in convertible senior notes, due in 2029, to qualified institutional investors. Initial purchasers will be given the option to buy up to an additional $52.5 million in notes.
Proceeds from the offering will be used to prepay a portion of outstanding borrowings and pay related fees under its loan facility.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
12-05-23 1015ET